June 18, 2008
Annual monitoring report highlights ongoing momentum in downtown Kitchener
KITCHENER – The 2007 Downtown Trends and Indicators report, released at Monday's meeting of the city's finance and corporate services committee, shows that continued momentum in development in the core is spurring residents to live, work, learn and play in downtown Kitchener.
The Downtown Trends and Indicators report, which outlines and analyzes the progress and performance of downtown Kitchener and surrounding neighbourhoods, summarizes the 2007-2010 Economic Development Strategy in action; the strategy builds on the Downtown Strategic Plan, but also addresses city-wide economic development.
"The statistics show we have a significant proportion of employees downtown, especially in daytime hours," said Silvia Wright, manager of downtown and community development for the City. "There are now indicators for increased residential development, which is the most significant need to provide balance for 24-7 vitality, and especially to provide a sustainable market for downtown businesses."
"People are choosing to live in the downtown and many of our citizens are spending their time downtown enjoying our special events, restaurants, live theatres and shops," said Councillor Chris Weylie (Ward 6). "We are thrilled that the new Centre Block development and the Provincial Courthouse will be built in the downtown in the near future. These and other recent developments will lead to more successes in the core.
Some highlights of the 2007
Downtown Trends and Indicators Report are:
* 18,862 residents or 8.7 per cent of total population in downtown neighbourhoods
* Nearly 12,000 people work in the downtown core
* Construction values in 2007 are nearly double 2001 values
* 245 new residential units approved for construction, which account for 14.2 per cent of new units city-wide, with 1,104 new units currently being proposed for future development
* 28 per cent increase in event attendance; since 2004, 1.3 million people have attended events in downtown Kitchener
* Net growth of 48 business in the past three years; many of the new businesses added in 2007 were small retail shops, reflecting the increasing demand for retail shops by the office workers added in prior years
* $36.3 million in construction values in 2007, representing 8.3 per cent of city-wide activity; there has been a 30 per cent increase in permits since 2005, and $254.1 million in construction since 2001
* Decrease in apartment vacancy rate to 3.6 per cent, a five-year low; decrease in commercial vacancy rate to 9.9 per cent
"In the new economy, with a competition for talent, and a focus on environmental interest, urban centres are the economic engine for the entire community," notes Wright.
The report will come to council on Monday, June 23.
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For more information:
Jana Miller
Manager, Corporate Communications
City of Kitchener
519.741.2458
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